WAMU Going To Be Sold

Anonymous · ‎03-01-2008

Has anyone else heard this news? I have a friend who is a mortgage broker for Wachovia and he says WAMU is about to lay off about 13,000 employees and be sold eventually, probably to Wells Fargo.

I've been banking with WAMU for eons, back to when they were Great Western here in California and when or if this happens, I will switch all my personal accounts over to Wells Fargo where I have my home mortgage. And yet, I'm going to hate to see WAMU go. The banking part gave great customer service. Can't say the same for their credit card though, with hiring people in third world countries who can barely speak English.

ngerasimatos · ‎03-01-2008

I remember the days before they acquired Home Savings of America.

http://www.ots.treas.gov/docs/7/77871.html

Try not to become a man of success but rather to become a man of value
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BBYGRL · ‎03-01-2008

I hadn't heard that but - Wow...Great Western...that takes me way back. I worked for them after they bought out Security Pacific Bank here in SoCal.

Who knows what will happen after the sub-prime fallout settles.

Message Edited by BBYGRL on 03-01-2008 01:52 PM

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Anonymous · ‎03-01-2008

I see a better chance with Chase than Wells-

IF Wells did buy them I would close both of my accounts with WAMU. I would not even care if it hurt my credit score either.

Anonymous · ‎03-01-2008

Isn't wells fargo really sub-prime?

Anonymous · ‎03-01-2008

Obviously everyone has different experiences throughout, but my experiences with Wells Fargo so far have been outstanding. I currently have my mortgage, checking, and savings through them. Their online banking system is a true asset.

Anonymous · ‎03-01-2008

No, Wells Fargo is in no way sub-prime. Ameriquest was, YES, not WF. Some people see WAMU as sub-prime but that's not the case either. I do know that Countrywide is (was) as they gave LOTS of folks mortgages that really didn't qualify by falsifying their apps.

Anonymous · ‎03-01-2008

Wamu does offer ccs to people who are rebuilding their credit. But they also offer them to people with better credit. WF is not subprime. WF does have Wells Fargo Financial Bank which has lower credit standards than WF. Several of the major banks have subsidiaries that have lower credit standards than the parent bank. While those subsidiaries may be subprime the bank is not.